Key Insights
- Ethereum price slips below $2,350 as Ted Pillows flags a $2,200–$2,250 downside.
- Arthur Hayes reports $22.28M in sales across seven altcoin positions.
- BitMine added 12,535 ETH, lifting holdings to 6,041,481 ETH total.
The Ethereum price slipped below $2,350 on October 24 as Arthur Hayes disclosed selling $22.28 million in altcoins. His reported sales included ETH, ENA, UNI, and four other tokens.
Analyst Ted Pillows said a daily close below $2,350 could expose ETH to $2,200–$2,250.
The 24-hour chart placed the Ethereum price at $2,343.83, down 2.5%. It showed a high of $2,411.96 and a low of $2,331.13.
Meanwhile, the price levels and targets mentioned here are based purely on technical analysis and are not guarantees of future returns. This article is for educational and informational purposes only, and not financial advice. Given crypto market volatility, investors should perform thorough research or consult a professional before investing.
Ethereum Price Trades Below Ted Pillows’ $2,350 Support
ETH traded near $2,400 early in the period before dropping toward $2,360. A rebound approached $2,380 but failed to recover earlier highs. Later, the price moved near $2,370 before another decline approached the session low. ETH recovered slightly but remained below $2,350 at the chart’s endpoint.
The screenshot also showed losses of 2.4% over seven days and 5.2% over 14 days. ETH was down 10.7% over 30 days and 40.3% over one year. Its displayed market capitalization stood at $286.278 billion, with $7.662 billion in 24-hour trading volume.
Pillows tied his Ethereum price forecast to a daily close below $2,350. The hourly chart, however, captured ETH trading below that level.
Arthur Hayes Lists $22.28 Million in Altcoin Sales
Arthur Hayes, who posts as @CryptoHayes, described the move on X as a full exit from the Maelstrom directional book.
Data listed 6,400 Ethereum valued at $15.2 million and 14 million ENA valued at $2.76 million. It also listed 323,000 UNI worth $2.24 million.
The remaining positions included 1.89 million ETHFI valued at $1.23 million, 546,609 AERO at $398,000, and 120,000 PENDLE at $244,000. Hayes also reported selling 3 million ZAMA valued at $214,000. Together, the seven positions accounted for the reported $22.28 million sale.
Hayes attributed his decision to macroeconomic and geopolitical uncertainty. He said the market needed to fall before rising again. He planned to remain on the sidelines until an all-clear signal. His post did not specify a return date or a price that would prompt him to resume buying.
Arthur Hayes Criticizes Tokenomics as BitMine Adds Ethereum
In a separate post, Arthur Hayes argued that highly diluted valuation tokens with low circulating supplies had struggled to rally on Binance. He discussed tokenomics further in an October 16 interview with Luke Martin.
Hayes said the industry had abused tokenomics through initial coin offerings, venture-capital private sales, and presales. He said some projects raise funds to build products, then sell tokens after launching protocols or unlocking allocations. Retail investors who buy at token generation events can suffer heavy losses, he added. In some cases, token prices have fallen as much as 95%.
He also argued that retail buyers increasingly recognize the high-FDV, low-float model. Hayes pointed to Hyperliquid as an example he favors. He said it has product-market fit, returns revenue to tokenholders, and avoids heavy selling pressure from presold token unlocks.
As Hayes dumps altcoins, BitMine reported acquiring 12,535 ETH over the past week. The purchase lifted its holdings to 6,041,481 Ethereum, equal to about 4.9% of the total ETH supply of 122.1 million.
